Fortescue posts strongest ever shipping result

FORTESCUE Metals Group shipped more iron ore during the December quarter than was expected by analysts, achieving its biggest ever quarterly export figures.

Fortescue shipped 19.6 million tonnes from Port Hedland during the three months to December, better than the 18.6 million tonnes predicted by UBS earlier this week.

After an initial bounce on back of the results, Fortescue shares have drifted lower and were 3 cents lower at $4.63 shortly after 12.30pm.

Fortescue revealed that it received and average price of $US111 per tonne for its goods during the three months to December. That price is for dry tonnes, whereas Fortescue's ore is considered to be "wet" because it contains moisture.